On December 10, 2016, the Forfeited Corporate Property Act, 2015 (the “FCPA”) came into force in Ontario. This statute addresses what happens to property that is not distributed by an Ontario corporation prior to its dissolution. It also amends the Business Corporations Act (Ontario) (the “OBCA”) and the Corporations Act (Ontario) (the “OCA”) to include a requirement for corporations to maintain a register of ownership interests in land in Ontario. Corresponding amendments were also made to the Not-for-Profit Corporations Act (Ontario) (the “ONCA”), which has not yet come into force.… Continue Reading

In conjunction with the enactment on December 10, 2016 of the Forfeited Corporate Property Act on December 10, 2016, the Ontario government has amended the Business Corporations Act to require all corporations to maintain at its registered office a register of its ownership interests in land… Continue Reading

On Monday, July 25, 2016, the government of British Columbia announced that foreigners who buy residential property in the Vancouver area will have to pay an extra 15% on top of the current property transfer tax. This additional tax will apply to all buyers who are not Canadian citizens or permanent residents, including corporations that are not registered in Canada or are controlled by foreigners. The tax is expected to come into effect on Tuesday, August 2, 2016.… Continue Reading

It is not unusual for tender documents to reserve discretion to an owner to “waive formalities” in accepting a bid. Such discretion needs to be interpreted in the context of the requirement that an owner may in no circumstances accept a “non-compliant bid”. But, without further definition, what is considered a “formality” that may be waived? What risks does an owner in a procurement process face if it waives a formality, or alternatively, if it refuses to exercise its discretion to do so? These are the questions the Ontario Court of Appeal grappled with in Rankin Construction Inc. v. Ontario.… Continue Reading

Links

Published by McCarthy Tétrault LLP

Stay Connected

About McCarthy Tétrault’s Real Estate Group

McCarthy Tétrault's Real Property & Planning Group is one of the largest real estate practices in Canada. With offices in all major Canadian business centres, we advise on opportunities wherever they arise, and coordinate national and international transactions efficiently. We assist public and private companies, REITs, private equity firms, governments, financial institutions and sovereign wealth funds. As part of a full-service firm, we have ready access to the leading expertise of our other related areas of practice, such as tax, environmental, litigation, Aboriginal, labour and employment, financial services and securities.